Gujarat State Petronet (GSPL) reported 8% increase in topline to Rs 276.34 crore for the quarter ended March 2012 inspite of 12% fall in sale of gas volumes on a y-o-y basis to 2830.11 MMSCM indicating better realizations. Volumes were also down 6% on a sequential basis. There was 53% rise in sale of electricity revenues to Rs 8.33 crore in Q4FY'12 from Rs 5.44 crore in Q4FY'11.

On a consolidated basis topline rose 7% to Rs 1115.31 crore for FY'12 while bottomline fell 1% to Rs 544.95 crore. Consolidated accounts represents consolidation of accounts of its two subsidiaries- GSPL India Gasnet and GSPL India Transco and for investment in one associate-i.e. GSPC Gas Company. During the quarter the company has made equity investment of Rs 20 crore in GSPL India Gasnet and of Rs 20 crore in GSPL India Transco.

Operating margins rose by 120 bps to 91.2% during quarter ended March 2012 mainly due to 140 bps decrease in Admin expenses to 3.3% as a percentage of net sales, 10 bps decrease in staff cost to 1.6% offset by 30 bps increase in operations and maintenance expenses to 3.9%.

Operating profit rose 10% to Rs 251.98 crore. Other income increased 70% to Rs 16.46 crore leading to 12% increase in PBDIT to Rs 268.44 crore. Interest cost increased 19% to Rs 31.62 crore. Depreciation stood at Rs 46.6 crore compared to a negative depreciation of Rs 17.31 crore as the company has changed the depreciation rate on Gas Transmission Pipeline(s) from 4.75% SLM to 3.17% SLM w.e.f. April 01, 2010 as per approval of Ministry of Corporate Affairs. The difference in depreciation on account of above revision has been recognized in Profit & Loss account for the quarter ended March 31, 2011.

As a result PBT fell 17% to Rs 190.22 crore. Considering a fall in effective rate of taxes GSPL reported a 14% decrease in bottomline to Rs 129.26 crore.

For FY'12 GSPL reported 7% increase in revenues at Rs 1115.31 crore compared to corresponding previous year even as volume decreased 4% to 12430.31 MSCM due to better realizations. Operating margins fell 140 bps to 91.6% leading a 6% increase in operating profits to Rs 1021.80 crore. Other income rose 104% to Rs 59.32 crore, interest cost rose 31% to Rs 130.19 crore while depreciation rose 40% to Rs 181.90 crore resulting 1% rise in PBT to Rs 769.02 crore. Considering fall in effective rate of taxes bottom-line of the company rose 3% to Rs 522.06 crore.

Promoter's shareholding remains unchanged to 37.73% at the end of March 2012 compared to previous quarter. None of the promoter's shares are pledged.

The scrip is currently trading at Rs 62.90.

Gujarat State Petronet: Results

GSPL Segment Results